ION Energy Ltd (TSXV: ION; OTCQB: IONGF) has entered into a binding term sheet which sets out the terms for an exploration joint venture with Aranjin Resources Ltd.
The Joint Venture allows for both companies to grant one another reciprocal exploration rights to their respective exploration licences within Mongolia.
Both ION and Aranjin will leverage one another’s expertise in their respective metals, with Aranjin being granted a right to explore ION’s properties for base metals (including copper, lead, zinc, nickel, cobalt and associated metals), and ION being granted a right to explore Aranjin’s properties for lithium.
This structured approach is aimed at enlarging their exploration area within the mineral-rich regions of Mongolia, thus ensuring that both ION and Aranjin maximize their chances of carrying a property to the development stage.
The area covered by the Joint Venture consists of all mineral rights in Mongolia currently held by both ION and Aranjin, which consists of the Sharga Project, the Bayan Under Project, the Baruun Tal Project (pending final purchase), the Baavhai Uul Project, the Urgakh Naran Project and all mineral rights acquired by each of them in Mongolia, after the date of entering into the Joint Venture.
Ali Haji, President and CEO of ION and Aranjin, sais this joint-venture allows for ION Energy to work alongside Aranjin resources on two very important elements that are required for the clean, green energy revolution.
“The synergistic makeup of each company will allow for this joint-venture to represent the largest lithium and copper exploration licence holders in Mongolia, forge a solid battery metals presence in Asia’s supply chain, and help drive the electrification of the future. We look forward to working together and receiving the balance of our exploration results.”
ION Energy has also provided an update on Urgakh Naran’s exploration plans, and its Baavhai Uul drilling programme, that not only highlights its lithium brine assets but additional battery metals.
Highlights:
- Maiden auger drill program was completed in the fall of 2021 at ION’s Baavhai Uul (BU) project and included 222 auger holes for a total of 1,304.5 meters; only 50% of the assay samples have been returned;
- Initial drilling results are highly encouraging with a new Copper and Nickel discovery at the center of the Baavhai Uul licence;
- Drill hole AU-83 returned results of up to 2,150 ppm Nickel from 5.0 to 5.5m depth in clay samples and average 202 ppm Nickel. Numerous auger holes with over 200 ppm and up to 480 ppm Nickel were assayed in the eastern area of the licence and these will be subject to follow-up infill drilling programsme;
- Drill hole AU-85 returned up to 570 ppm Copper from 2.5-3m depth and averaged 103 ppm Copper. seven auger holes that were drilled in the eastern part of the licence returned over 100 ppm Copper;
- The copper geochemical anomaly is over 4 sq km in size and the Nickel Geochem anomaly is over 2 sq km in size, anomalies located in the central part of the licence overlap each other;
- The White Wolf Lithium discovery made at Baavhai Uul with a maximum grade of 1,502 ppm identified in December 2021, is significantly higher than the 811 ppm grade seen at Baavhai Uul, prior to ION’s acquisition of the asset;
- Hydrogeological sampling and advanced lithium exploration techniques to commence on Baavhai Uul in April 2022; and
- Maiden exploration at Urgakh Naran is expected to commence in the coming weeks
Auger holes were drilled to a maximum depth of six metres with samples being collected every 0.5 meter and were located over one kilometre apart. This represented a broad pass of the licence prospectively. The remaining results from this drilling programme are expected before the end of February 2022.
For further information please visit: https://www.ionenergy.ca/
